Nortel requests court approval of $4.7 million ASM claim settlement

By Caroline Salls

Pittsburgh, Dec. 2 – Nortel Networks Inc. requested court approval of a claim settlement reached with four ASM entities, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the ASM claimants include ASM Capital, LP, ASM Capital III, LP, ASM Capital IV, LP and ASM SIP, LP.

Nortel said the ASM entities have 52 claims, including trade claims and various employee-related claims. The claims assert general unsecured debt of $4.65 million and $302,100 in administrative debt.

Under the proposed settlement, ASM will have $4.39 million in general unsecured claims, $3,032 in priority claims and $310,173 in administrative claims.

A hearing is scheduled for Jan. 5.

Nortel, a Brampton, Ont.-based manufacturer and supplier of telecommunications networking equipment, filed for bankruptcy on Jan. 14, 2009. Its Chapter 11 case number is 09-10138.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.